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Press release from Marketwire

CORRECTION FROM SOURCE: Madison Pacific Properties Inc. Announces Six Months Results

Wednesday, August 11, 2010

CORRECTION FROM SOURCE: Madison Pacific Properties Inc. Announces Six Months Results11:16 EDT Wednesday, August 11, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2010) - The following corrects and replaces a release issued on behalf of Madison Pacific Properties Inc. on August 10, 2010. The dividend payable date and the shareholders record date in the last paragraph of the release were incorrect. The corrected updated release now follows.Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces the results of operations for the six months ended June 30, 2010.The Company is reporting net income from continuing operations of $3,558,000 for the six months ended June 30, 2010 compared to $3,350,000 for the same period in 2009. Cash flow from continuing operations before changes in non-cash working capital for the six months ended June 30, 2010 is $3,198,000 compared to $2,606,000 for the same period in 2009. Earnings per share from continuing operations were $0.06 per share for the six months ended June 30, 2010 and June 30, 2009.The Company sold a parking lot in close proximity to an existing property in the first six months of 2010. The gain on the disposition, before tax, was $1,531,000. The Company has acquired two new properties in 2010 for $29.7 million. One property was acquired in the 1st quarter and the other in the 3rd quarter.The net income for the six months was $3,558,000 compared to $5,725,000 for the six months ended June 30, 2009 when the Company reported net income from discontinued operations from the sale of buildings of $2,375,000. Earnings per share were $.06 per share compared to $.10 for the six months ended June 30, 2009.For a review of the risks and uncertainties to which the Company is subject, see the 2009 annual MD&A.The Company is pleased to announce 5.25 cents per share dividend will be payable September 1, 2010 to shareholders of record August 17, 2010.FOR FURTHER INFORMATION PLEASE CONTACT: Madison Pacific Properties Inc. Mr. Alan Firth President (604) 732-6540 or Madison Pacific Properties Inc. Mr. Bill Ramsey Chief Financial Officer (604) 732-6540 (604) 732-6550(FAX)